Terms Used In Utah Code > Title 31A > Chapter 18 - Investments

• Agency: means :

  (a)	a person other than an individual, including a sole proprietorship by which an individual does business under an assumed name; and

  (b)

  an insurance organization licensed or required to be licensed under Section 31A-23a-301, 31A-25-207, or 31A-26-209. See Utah Code 31A-1-301 Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it. cash: means a medium of exchange that a depository institution, as defined in Section 7-1-103, accepts for deposit and allows an immediate credit to an account in the depository institution, including the following in a depository institution: (a)  a savings account; or (b)  a certificate of deposit with a maturity date within one year or less from the day on which the certificate of deposit is acquired. See Utah Code 31A-18-101 Certificate: means evidence of insurance given to: (a)  an insured under a group insurance policy; or (b)  a third party. See Utah Code 31A-1-301 Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Corporation: means an insurance corporation, except when referring to: (i)  a corporation doing business: (A)  as: (I)  an insurance producer; (II)  a surplus lines producer; (III)  a limited line producer; (IV)  a consultant; (V)  a managing general agent; (VI)  a reinsurance intermediary; (VII)  a third party administrator; or (VIII)  an adjuster; and (B)  under: (I)  Chapter 23a, Insurance Marketing - Licensing Producers, Consultants, and Reinsurance Intermediaries; (II)  Chapter 25, Third Party Administrators; or (III)  Chapter 26, Insurance Adjusters; or (ii)  a noninsurer that is part of a holding company system under Chapter 16, Insurance Holding Companies. See Utah Code 31A-1-301 Deed: The legal instrument used to transfer title in real property from one person to another. Excess surplus: means : (i)  for a life insurer, accident and health insurer, health organization, or property and casualty insurer as defined in Section 31A-17-601, the lesser of: (A)  that amount of an insurer's or health organization's total adjusted capital that exceeds the product of: (I)  2. See Utah Code 31A-1-301 Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it. Individual: means a natural person. See Utah Code 31A-1-301 Insurance: includes : (i)  a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind; (ii)  a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and (iii)  a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301 Insured: means a person to whom or for whose benefit an insurer makes a promise in an insurance policy and includes: (i)  a policyholder; (ii)  a subscriber; (iii)  a member; and (iv)  a beneficiary. See Utah Code 31A-1-301 Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Mortgagee: The person to whom property is mortgaged and who has loaned the money. Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Order: means an order of the commissioner. See Utah Code 31A-1-301 Rate: means : (i)  the cost of a given unit of insurance; or (ii)  for property or casualty insurance, that cost of insurance per exposure unit either expressed as: (A)  a single number; or (B)  a pure premium rate, adjusted before the application of individual risk variations based on loss or expense considerations to account for the treatment of: (I)  expenses; (II)  profit; and (III)  individual insurer variation in loss experience. See Utah Code 31A-1-301 real property: includes :Utah Code 68-3-12.5 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Reinsurer: means a person licensed in this state as an insurer with the authority to assume reinsurance. See Utah Code 31A-1-301 Security: means a: (i)  note; (ii)  stock; (iii)  bond; (iv)  debenture; (v)  evidence of indebtedness; (vi)  certificate of interest or participation in a profit-sharing agreement; (vii)  collateral-trust certificate; (viii)  preorganization certificate or subscription; (ix)  transferable share; (x)  investment contract; (xi)  voting trust certificate; (xii)  certificate of deposit for a security; (xiii)  certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease; (xiv)  commodity contract or commodity option; (xv)  certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (171)(a)(i) through (xiv); or (xvi)  another interest or instrument commonly known as a security. See Utah Code 31A-1-301 Service of process: The service of writs or summonses to the appropriate party. Surplus: means the excess of assets over the sum of paid-in capital and liabilities. See Utah Code 31A-1-301 Total adjusted capital: means the sum of an insurer's or health organization's statutory capital and surplus as determined in accordance with: (a)  the statutory accounting applicable to the annual financial statements required to be filed under Section 31A-4-113; and (b)  another item provided by the RBC instructions, as RBC instructions is defined in Section 31A-17-601. See Utah Code 31A-1-301